NEW YORK, Dec. 4, 2020 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT), a Nasdaq listed Bitcoin mining company
headquartered in New York
announced that on December 3, 2020,
it had completed the acquisition of $13,902,742 worth of bitcoin miners with total
hash rate of 1,003.5 Ph/s with certain non-U.S. investors in
exchange for an aggregate of 4,344,603 ordinary shares at the price
of $3.20 per share, when the
purchases were negotiated.
The closing of the acquisition represents the total hash rate of
the Company increase by approximately 1,003.5 Ph/s from 1,250 Ph/s
to 2,253.5 Ph/s. The total 17,996 miners acquired include 7,025
Antminer S17+, 9,110 Antminer T17, 195 Antminer S17E, 32 Antminer
S17Pro, 105 Antminer S19Pro, 1,429 Whatsminer M20S, 100 Whatsminer
M31S. The average energy efficiency of these miners is 47.45
(+/-5%) joules per terahash (J/TH). With these miners being
deployed, the total energy efficiency will be decreased from 61.88
(+/-5%) J/TH to 55.33 (+/-5%) by 10.59%. These miners are
distributed in Xinjiang, Sichuan
and Inner Mongolia Provinces PRC and are expected to be fully
installed before the end of December
2020.
"We are very pleased to announce the completion of the
transaction and to issue our shares in exchange for bitcoin
miners," Erke Huang, the Chief
Financial Officer of the Company said. "Also, with these miners
installed, the utility cost will be further decreased and increase
our profit margin."
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Bit Digital, Inc., and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking
statements.
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SOURCE Bit Digital, Inc.